As per the recent publications, Binance CEO, Changpeng Zhao ruled out the rumor associated with the probability of him “taking a well-deserved break,” which was speculated as a result of the departure of the Binance.US CEO Brian Shroder.
Binance US CEO is Taking a Break
CZ advised users to “ignore FUD” surrounding the recent executive change in a tweet posted on September 15 through X, as he claimed that Shroder was departing the company without having any issues after completing what he “set out to do when he joined two years ago.”
The CEO noted: “Under his leadership, Binance.US raised capital, improved its product and service offerings, solidified internal processes, and gained significant market share, all of which helped to build a more resilient company for the benefit of customers. We are grateful for his contributions.”
Workers have been Laid Off
Notably, along with the departure of Shroder, Binance US, the cryptocurrency exchange’s US division, laid off nearly a third of its workers. These layoffs appeared while the corporation was under investigation by the SEC, as well as other regulatory bodies like the CFTC and US Department of Justice (US DOJ).
CFTC and SEC have Filed Lawsuits Against Binance
According to a report from Bloomberg in April, the Commodity Futures Trading Commission (CFTC) chairman Rostin Behnam criticized Binance Holdings and its CEO Changpeng Zhao “CZ” for violating American laws.
The company’s true issues also began to surface after the US SEC filed a lawsuit against Binance in June of this year.
More precisely, on June 5, the District Court of Columbia received over twelve complaints from the SEC against the business, its US platform, and CEO Changpeng Zhao (CZ). The SEC accused the company of failing to register its Binance.com platform as a trading platform or broker-dealer clearing agency in a 136-page lawsuit.
Regarding these regulatory issues, CZ’s X post puts that the cryptocurrency market “is in a different place now than it was two years ago” because crypto businesses are dealing with an “increasingly hostile regulatory environment.”